Raiffeisen Bank International still aims to leave Russia through an orderly exit, chief executive Michael Höllerer said at an event in Vienna. He said the bank would withdraw immediately if it had a viable route, while reporting no current signs that its Russian business would be placed under compulsory administration or expropriated. RBI has reduced Russian loans by 80%, deposits by 60% and cross-border payments by 95% since the war began.
The comments came as RBI works through litigation arising from a €2.4 billion loss in Russia. A Vienna court has awarded RBI about €3.15 billion in a default judgment against Rasperia Trading, whose Austrian assets include frozen Strabag shares and distributions. RBI said the judgment must become final before it can ask Austria's Financial Market Authority to release those assets for enforcement.
RUSSIA EXPOSURE KEEPS FALLING
Höllerer said the intended outcome remained an end to RBI's presence in Russia, in line with pressure from the European Central Bank. The reported reductions show the bank has continued to shrink balance-sheet and payments activity even without completing a sale or separation. However, the residual operation remains exposed to Russian legal and political risk until an exit is achieved.
The chief executive linked the timing of any exit to the unresolved Rasperia case and the practical difficulty of finding an acceptable transaction. He rejected suggestions that RBI's continued Russian presence prevented growth in Ukraine. RBI employs about 5,000 people and serves roughly 2.5 million customers in Ukraine, where Höllerer said the bank intends to participate in reconstruction finance.
COURT PROCESS SETS NEXT MILESTONE
The Austrian judgment covers 28.5 million Strabag shares, dividends from 2021 onwards and a cash distribution from Strabag's 2024 capital reduction. RBI has said any enforcement would follow European sanctions law and be coordinated with supervisors. A successful challenge by Rasperia or a refusal by the sanctions authority could delay recovery.
The immediate milestone is whether the default judgment becomes final and RBI can submit its release application to the Austrian authority. Even a successful enforcement would not by itself complete the Russian exit, which still requires an executable route acceptable to regulators. Investors will therefore be watching both the court process and further reductions in the Russian balance sheet.